Angel Broking IPO
The IPO of Angel Broking, one of the largest retail broking houses in the country, is opening for subscription from Tuesday, September 22. Angel Broking plans to raise Rs 600 crore from the market through an IPO. Even before the IPO, the company has raised Rs 179.99 crore from 26 anchor investors on Monday. Allocated 58,82,352 equity shares to these investors at Rs 306 per share. If you also want to invest in an IPO, then pay attention to some things first.
Angel Broking IPO Price band
In this IPO, the price band has been fixed from Rs 305 to Rs 306 per equity share. Angel Broking plans to raise Rs 600 crore through this offer. In this IPO, the promoters and investors will put their stake of Rs 300 crore for sale. At the same time, fresh shares worth Rs 300 crore will also be issued. The last date for subscription in the IPO will be 24 September.
At least how much investment is necessary
A lot will be of 49 shares in the IPO. That is, at least 49 shares have to be bid. After this, bids can be made for shares in multiples of 49. It is proposed to list the equity shares offered in this IPO on BSE and NSE.
Nirali Shah, Senior Research Analyst, SAMCO Securities, says that Angel Banking is the first broking company in the last 10 years to bring an IPO plan. There is full potential for strong growth in the company. Being technology-based, the company has an edge over traditional brokers. The company’s customer base is constantly growing. It is the fourth largest broking company. However, the valuation of the issue looks somewhat expensive. Nevertheless, investors are advised to invest in it from a long-term perspective.
Who has management in their hands?
The funds raised from this IPO will be used by the company to meet its working capital needs and other corporate functions. Angel Broking has access to 1,800 cities and towns across the country. The company has more than 110 branches. ICICI Securities, Edelweiss Financial Services and SBI Capital have been given the responsibility of managing this issue. The shares of the company will be listed on the BSE and the National Stock Exchange.
Angel Broking company business
Angel is a broking technology-based financial services company that offers broking and advisory services, as well as margin funding, loan against shares and a variety of financial services. The number of customers of the company has increased continuously. During the quarter ended June 2020, the company added an average of 1,15,565 new customers every month, an increase of 147.59 percent compared to FY 2020. It is the fourth largest broker company on the National Stock Exchange in terms of active clients.
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